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amount of $1,426,813.00 benefitting primarily the City of Paris, Texas and (ii) 52012-006-02, in <br />the principal amount of $1,574,413.00 benefitting primarily Lamar County and the City of <br />Cooper, Texas; and <br />WHEREAS, for the purposes of this Agreement the City of Paris, Texas, the City of <br />Cooper, Texas, and Lamar County, Texas, are referred to herein as the "SIB Loans Participants"; <br />and <br />WHEREAS, many business and industry leaders in the Authority area have contacted <br />their local elected officials about how important the completion of the Project is to the continued <br />growth and success of their businesses in the Authority area; and <br />NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable <br />consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as <br />follows: <br />SECTION 1: Duties of the Authority. The Authority hereby agrees to perform the <br />following: <br />1.1 In consideration of the Department's agreement to undertake the actions set forth <br />in the Advance Funding Agreement and the Participants' obligation to undertake the actions set <br />forth in Section 2 hereof, the Authority shall enter into and comply with its obligations set forth <br />in the SIB Loan Agreements and shall transfer, on an annual basis, lawfully available revenues to <br />pay the debt service reyuirements on the SIB Loan Agreements as represented by and limited to <br />the SIB Loans Participants' debt service obligations on the SIB Loan Agreements attached <br />hereto as Exhibit C and incorporated by reference for all purposes to this Agreement and the SIB <br />Loan Agreements. <br />1.2 The Authority shall comply with all of its obligations set forth in this Agreement <br />and the SIB Loan Agreements. <br />13 Prior to the beginning of each fiscal year, the Authority shall provide annually to <br />the Department and each Participant, for so long as the SIB Loan Agreements remain <br />outstanding, a true and correct copy of the Authority's annual fiscal year budget for each fiscal <br />year within thirty (30) days of approval of this budget by the Board of Directors of the Authority. <br />1.4 The Authority shall provide an executed copy of each of the Advance Funding <br />Agreement, this Agreement, the SIB Loan Agreements, all Participant <br />resolutions/ordinance/orders, and all bond counsel opinions, to each Participant. <br />1.5 The Authority shall remit to the Department (i) the cash contribution of Delta <br />County described in Section 2.1 hereof, (ii) the federal participation earmark from Delta County <br />described in Section 2.2, (iii) the cash contribution of the Paris EDC described in Section 2.5 <br />hereof, and (iv) certain proceeds of the SIB Loan Agreements to the Department within two <br />weeks of receipt thereof in the manner required in the Advance Funding Agreement and as <br />agreed to by the Authority. <br />1.6 Each of the SIB Loan Participants' payment obligations are due not later than <br />March 29t" of each year and the Authority's payment obligations to the Department on the SIB <br />95422970.15 ' 3 ' <br />